Risk management is an essential part of the successful carrying out of business and maintaining its sustainability. In the current report, the risk management processes of Makeovers R Us shall be analyzed in the context of a specific renovation project that has been assigned to the organization.
Makeovers R Us is an organization specializing in house management and garden renovation. The aim of the organization is to assist busy couples who do not have time to spare to renovate their houses. For the current project the organization has been approached by Cecile, an accountant, for renovating her kitchen. There are certain specifications that Cecile has mentioned and that need to be maintained while the project is being carried out. There are certain risks that have been identified with the project. A proper risk management procedure has to be formulated that shall address the probable risks and turn them into potential competitive advantage for the organization. The following section shall elaborate on the risk management approach in context of the specific requirements made by Cecile in order to deliver her need within a timely basis.
The different tools that are required for the project are building machines, wood cutting machines, polishing machines etc. The best quality machines and tools can help the company to mitigate all their risks. They shall make use of technique of making modular kitchen in order to give Cecile with the most unique and efficient kitchen in and around the place.
From the specifications mentioned by Cecile there are certain potential risks that might arise while the project is being executed and might hinder the effective completion of the task. However, attempts shall be made in order to turn the supposed risk from negative point to a positive opportunity for the organization. The following risks have been identified for the current project:
Place to Store (positive risk) |
Without a place to store the work cannot be started effectively. The items need to be moved to a convenient place before the work can begin. |
***** |
There is a high likelihood of getting affected by it. |
***** |
Time limit for completion (positive risk) |
Delay with seriously affect consumer satisfaction. The client will have a guest visiting her and therefore, the work has to be done before the assigned deadline. |
**** |
There is a high likelihood of getting affected by it. |
**** |
Providing Temporary kitchen space (positive risk) |
Cecile needs to cook food while the renovation is in process. A temporary kitchen has to be provided for that. |
**** |
There is a high likelihood of getting affected by it. |
**** |
Providing the best color samples (negative risk) |
Consumer shall not be satisfied if the color scheme is not to her liking. |
** |
There is a very low likelihood of getting positively affected by it. |
** |
Giving the lowest price quote (negative risk) |
The organization has to develop a tight budget scheme. There is a possibility that the quality shall be compromised. |
*** |
There is a low likelihood of getting positively affected by it. |
*** |
Place to Store |
Cecile has to be provided with place to store all the equipment of her house |
Company has to arrange and bring in their tents and caravans for providing extra storing space. |
Time limit for completion |
The project has to be completed within five weeks. |
Proper workforce management and formation of teams and classifying the various kinds of work associated with the project. |
Providing Temporary kitchen space |
She has to be provided with a temporary kitchen space where she can cook the food for the time of renovation |
Company has to arrange and bring in their tents and caravans for providing extra cooking space |
Providing the best color samples |
The company has less amount of attractive color samples available at low prices. |
They have to develop their unique colors at low prices. |
Giving the lowest price quote |
Due to excellent quality of work and lower time scale, they choose high prices. |
They have to balance the things and give lower price quotes to Cecile and also maintain price quality and time. |
Place to Store |
Moderate |
High. Will hinder the completion of the work. |
High. The equipment must be stored in some other place. |
18 |
Using of caravans that are available at the disposal of the organization. |
The alternative space arrangement has to be ready before the work starts. The things have to be moved into the caravan by a team that shall be assigned. |
Storage Manager |
5 weeks |
|
Time limit for completion |
High |
High. The client needs the work complete before the arrival of the guest. |
High. Work must be delivered timely. |
17 |
Using of workforce management. |
Proper division of labor with teams dedicated to the various aspects of the work. |
Work Slot manager |
5 weeks |
|
Providing Temporary kitchen space |
Moderate |
Moderate. The client needs an alternative setup to prepare coffee and warm up food. |
Moderate. A secondary kitchen setup should be provided. |
12 |
Using the space of the caravans of the organization. |
The kitchen has to be set up before the commencement of the work. The kitchen should have a basic functionality so that food can be cooked. |
Site manager |
5 weeks |
|
Providing the best color samples |
High |
High. The color scheme should match with the client’s expectations. |
High. The entire work will be unsatisfactory irrespective of its quality if the color is not liked by the client. |
17 |
Providing the client with samples and price ranges. |
A meeting should be set up with the client before proceeding on with the paint work. The ideas of the client has to be elicited and samples shall have to be provided depending upon the inclinations of the client. |
Site manager |
5 weeks |
|
Giving the lowest price quote |
High |
High. Very low prices will affect the quality of the work and high prices shall leave the client unsatisfied. |
High. A budget has to be prepared with proper consultation with the client. |
16 |
A detailed discussion with the client regarding the prices of the materials that shall be put to use for the work. |
The client shall have to be intimated with the budget plan beforehand. If the client is not satisfied with the existing scheme alterations can be made according to her needs. |
Advisory Team |
5 weeks |
Conclusion and Recommendations
It can be recommended that the company has to choose the best price and color sample options in order to be able to properly complete the work put forward by Cecile. It also has to make use of the most modern and effective tools and machineries in order to be able to do the work as it is desired. They also need to complete all the things within 5 weeks in order to properly fulfill each and every criteria of the contract and mitigate all the risks that they are likely to face when they will fully work upon the project.
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